Vancity to defer mortgage payments for up to six months for members impacted by COVID-19
Other supports include payment flexibility and emergency working capital
Wednesday, March 18, 2020, Unceded territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. —Vancity today announced plans to provide relief to our members impacted by the economic effects of COVID-19. Vancity initially responded by introducing a three-month loan deferral program for our members. It is clear the effects of the pandemic will last longer, so today we are announcing an extension of that deferral program for a term of up to six months. This includes mortgages and other loans and will support members facing financial uncertainty and vulnerability from the fallout of Coronavirus.
Vancity is asking individual and business members to contact us to discuss what options are available to support them, as each case will be assessed individually to help people through these difficult times.
Other support for Vancity members facing financial difficulties owing to the virus include:
- Providing emergency working capital
- Buying back foreign currency at the rate it was sold, for customers impacted by travel disruption to ensure they do not suffer financial loss
- Waiving INTERAC e-Transfer® and ATM fees in Canada until April 30
To reach us, please contact our Member Service team:
- Metro Vancouver: 604-877-7000
- Greater Victoria: 250-519-7000
- Toll-free: 1-888-Vancity (1-888-826-2489)
Quote from Tamara Vrooman, CEO, Vancity:
“For over 74 years, Vancity has been an organization that exists to serve our members. Today that focus remains unchanged and we’ll do everything we can to help our members get through this very difficult time. Many people and businesses will be directly affected by this pandemic, and we’re here to support them.”
“I encourage any members with concerns on how to deal with the impact of the Coronavirus to contact us. We will work with you to identify what supports you need, including options such as emergency working capital and mortgage payment flexibility. Vancity will continue to find more solutions during this challenging time as the situation evolves,” Vrooman continued.
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 543,000 member-owners and their communities, with offices and 60 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $28.2 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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For more information:
Media Relations | Vancity
mediarelations@vancity.com